XML 40 R29.htm IDEA: XBRL DOCUMENT
v3.20.2

Operating Leases | 6 Months Ended
--- | ---
Jun. 30, 2020
Operating Leases [Abstract] |
Operating Leases | NOTE 22— OPERATING LEASES Lessee Accounting Right of use assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using our incremental borrowing rate. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. The right-of-use asset is measured at the amount of the lease liability adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, any unamortized initial direct costs, and any impairment of the right-of-use-asset. Operating lease expense consists of a single lease cost calculated so that the remaining cost of the lease is allocated over the remaining lease term on a straight-line basis, and any impairment of the right-of-use asset. Variable lease payments are generally expensed as incurred and include certain nonlease components, such as maintenance and other services provided by the lessor, and other charges included in the lease. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and the expense for these short-term leases and for operating leases is recognized on a straight-line basis over the lease term. Substantially all leases in which Oriental is the lessee are comprised of real estate property for branches, ATM locations, and office space with terms extending through 2032. Oriental’s leases do not contain residual value guarantees or material variable lease payments. All leases are classified as operating leases and are included on the consolidated statements of financial condition as a right-of-use asset and a corresponding lease liability. Oriental leases to others certain space in its principal offices for terms extending through 2023; all are operating leases. Operating Lease Cost
|  | Quarter Ended June 30, |  | Six-Month Period Ended June 30, |  |
|  | 2020 |  | 2019 |  | 2020 |  | 2019 |  | Statement of Operations Classification
|  | (In thousands) |  | (In thousands) |  |
Lease costs |  | $ | 3,550 |  | $ | 1,812 |  | $ | 6,888 |  | $ | 3,341 |  | Occupancy and equipment
Variable lease costs |  |  | 583 |  |  | 665 |  |  | 1,171 |  |  | 1,349 |  | Occupancy and equipment
Short-term lease cost (benefit) |  |  | 185 |  |  | (133) |  |  | 28 |  |  | 23 |  | Occupancy and equipment
Lease income |  |  | (125) |  |  | (141) |  |  | (248) |  |  | (296) |  | Occupancy and equipment
Total lease cost |  | $ | 4,193 |  | $ | 2,203 |  | $ | 7,839 |  | $ | 4,417 |  |
Operating Lease Assets and Liabilities
|  |  | June 30, | December 31, |  |
|  |  | 2020 | 2019 |  | Statement of Financial Condition Classification
|  | (In thousands) |  |
Right-of-use assets |  | $ | 34,692 |  | $ | 39,112 |  | Operating lease right-of-use assets
Lease Liabilities |  | $ | 35,694 |  | $ | 39,840 |  | Operating leases liabilities
| June 30, 2020
| (In thousands)
Weighted-average remaining lease term |  | 6.3 years
Weighted-average discount rate |  | 6.8%
Future minimum payments for operating leases with initial or remaining terms of one year or more as of June 30, 2020 were as follows:
| Minimum Rent
Year Ending December 31, | (In thousands)
2020 | $ | 5,210
2021 |  | 8,676
2022 |  | 7,312
2023 |  | 6,156
2024 |  | 4,105
Thereafter |  | 13,356
Total lease payments | $ | 44,815
Less imputed interest |  | 9,121
Present value of lease liabilities | $ | 35,694

X
- Definition Disclosure of company's lessor and lessee operating leases. + References No definition available. + Details
Name: | ofg_OperatingLeasesDisclosureTextBlock
Namespace Prefix: | ofg_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_LesseeDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration